Ethereum Price Technical Analysis Can ETH/USD Hold This?

Ethereum Price Technical Analysis  Can ETH/USD Hold This?

Key Highlights


ETH price is struggling to correct higher and is currently trading below $540 against the US Dollar.
There is a crucial bearish trend line forming with resistance at $530 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is holding a major support zone at $508-513, which holds the key in the near term.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses below the $508 level if it fails to move above $530.

Ethereum Price Upside Hurdle

There was no major upside recovery above $540 in ETH price against the US Dollar. The price declined and moved below the $530 and $525 support levels. It is now trading well below the $540 level and the 100 hourly simple moving average. The downside pressure was such that the price formed many bearish structures below $540. However, the price is still holding the $500 support zone.

There are two important support levels on the downside at $508 and $513. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $590 high to $506 low. Moreover, there is also a crucial bearish trend line forming with resistance at $530 on the hourly chart of ETH/USD. The same trend line resistance is near the 100 hourly SMA and the mentioned Fib level. Above the $530 resistance, the next hurdle is around the 50% Fib retracement level of the last decline from the $590 high to $506 low at $548.


Only a close above the $548-550 zone could push the price back in the bullish zone. On the downside, a break below the $508 support and close below $500 may call for more losses.

Hourly MACD The MACD is now placed nicely in the bearish zone.

Hourly RSI The RSI is currently below the 50 level.

Major Support Level $508

Major Resistance Level $530

Charts courtesy Trading View

25.03.2018 / 22:35 69
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